SABMiller - seen by many as the most likely acquirer of Foster's alongside its local Pacific Beverages joint venture partner, Coca-Cola - had also been considered a potential buyer of FEMSA.

But as Deutsche Bank analyst Paul van Meurs points out, its decision not to spash out the cash for the Mexican brewer means it has the funds and lack of distractions available to consider a tilt at Foster’s.

“Had it been the successful bidder, the chances of a major deal in Australia would have been significantly reduced in the medium term," van Meurs said.

“We think it remains the most likely acquirer given its relative balance sheet strength, current beachhead in Australia with Pacific Beverages and consolidation ambitions."